Biotech Values

[AlpineBV_Miller]

Then there is no logical reason for DNDN to be +2% in AH trading, unless some investors thought CMS would fail to reimburse for on-label use.

Not quite true, for a couple of reasons.

DNDN has never been simple. Thinking CMS was going to do the right thig and it actually doing the right thing are two different scenarios in the battered heads of most DNDN bulls. That's worth 2% at least.

More reasonably, even I didn't think the determination would be this clean. The determination is the label, not the label plus a some other things. If CMS holds very closely to what they published today and issues a NCD, there are patients who will be reimbursed in July who aren't reimbursed today. Not a meaningful amount, but some. The fact I don't have to spend th next three months arguing with some knucklehead about the impact of additional exclusionary criteria is also worth (at least) 2%.

David